Cauley & Geller LLP Announces That a Fraud Lawsuit has Been Filed On Behalf of Purchasers of California Software Corp. Securities.Business Editors SAN DIEGO--(BUSINESS WIRE)--Aug. 18, 2000 The law firm of Cauley & Geller LLP LLP - Lower Layer Protocol announced today that a class action lawsuit class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax has been filed in the United States District Court United States District Court In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. for the Central District of California on behalf of purchasers of California Software Corp. ("California Software") (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CAWC CAWC Canadian Association of Wound Care CAWC Companion Animal Welfare Council (UK) CAWC Chicago Abused Women’s Coalition CAWC Cryogenic Aerosol Wafer Cleaning - news and CAWC.OB - news) publicly traded securities during the period between Feb. 9, 2000 and Aug. 6, 2000 (the "Class Period"). The complaint charges California Software and certain of its officers and directors with violations of the Securities Exchange Act of 1934. California Software describes itself as the international leading provider of IBM Midrange migration software solutions marketed under the brand name BABY. These products support the migration of IBM AS/400 screens and applications into PC-LAN PC-LAN Personal Computer Local Area Network business environment and has more than 100,000 installations in 56 countries. The complaint alleges that in early 2000, the insiders sought to inflate California Software's stock price so they could: (a) complete a $9 million private placement to fund the Company's operations, planned acquisitions and to inflate the book value of defendants' shares; (b) obtain listing on NASDAQ and the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. in order to legitimize the Company and the shares defendants were peddling; and (c) use the Company's shares as currency to fund the acquisition of Hotel Information Systems Inc. in a stock-for-stock acquisition. The complaint further alleges that to portray the Company as a financially viable company, during the Class Period the individual defendants caused California Software to issue false financial results and make false statements about its results and demand for its new products, including its BABY product, causing its stock to trade at artificially inflated levels. Then on Aug. 7, 2000, California Software admitted that its fiscal 1999 and first quarter 2000 results had been false, that its previously reported revenues had been improperly recognized. On these shocking disclosures, California Software's stock trading dropped to $1-1/32 on Aug. 9, 2000 after trading at $14-3/8 months earlier. Cauley & Geller LLP has substantial experience in prosecuting class action lawsuits on behalf of investors. The firm has offices in California, Arkansas, and Florida, but represents shareholders from throughout the nation. If you wish to serve as one of the lead plaintiffs in this lawsuit you must file the appropriate motion with the court no later than 60 days from today. If you have any questions regarding this lawsuit or how you may be able to recover for the losses you have incurred, you are encouraged to visit our Web site at www.classlawyer.com, or E-mail or call us at: CAULEY & GELLER LLP Sue Null 225 Broadway, Suite 1900 San Diego, California “San Diego” redirects here. For other uses, see San Diego (disambiguation). San Diego is a coastal Southern California city located in the southwestern corner of the continental United States. As of 2006, the city has a population of 1,256,951. 92101 E-mail: info@classlawyer.com 888/551-9944 -- toll free |
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